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FIN 401 Final Exam Solutions

FIN 401 Final Exam Solutions

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FIN 401 Final Exam Solutions

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FIN 401 Final Exam Solutions

1. Your credit card company charges you 1.5% per month. What is the annual
percentage rate (APR) on your account? What is the actual interest rate you pay
to the credit card company per year?

a. APR is 15%; the actual interest rate is 16.08%

b. APR is 16.08%; the actual interest rate is 15%

c. APR is 18%;the actual interest rate is 19.56%

d. APR is 19.56%; the actual interest rate is18% 

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